Research On Legal Regulation Of Hostile Takeover And Defense In China

Since 2012,China's economy has started to decline,and the rate of return on assets has been declining.The loose monetary policies that have been adopted have allowed funds to be hoarded,but the real quality assets are extremely lacking.This phenomenon of "asset rancidity" has caused financial institutions to gradually increase their risk appetite and tend to increase their income through the allocation of high-risk assets.In addition,financial mixed operations began to develop stridingly,bank wealth management funds entered the stock market one after another,insurance funds began to be frequently priced in the capital market,and the value of financial licenses increased due to mixed operations.Some companies began to use their holdings of insurance companies.Investment and financing.Driven by these factors,the sixth wave of acquisitions,characterized by the divestment of funds,the difficulty of financing,and the attractiveness of high-quality enterprises,has swept through.In this wave of acquisitions,there have been many cases of hostile takeovers,of which the most representative one is the dispute between Bao and Wan that occurred in the second half of 2015,which has become a typical case of the acquisition field.This article has studied the case of “Bao Wan”.Analyze some of the legal issues that have been disputed,and put forward some suggestions on a targeted basis,with a view to providing future acquisitions or acquired companies as a reference,and make a contribution to the improvement of financial supervision.The first part of this article mainly introduces the basic theory of hostile takeover and defense,including the basic content and value analysis.The second part mainly introduces the legal system provisions for hostile takeover and defense.Both parts are for the subsequent case analysis,and the third part is mainly a brief introduction to the dispute between Bao and Wan.Because the case lasted two years,the case is complicated and involves more subjects,so as a part to introduce the relevant subjects The development of the dispute between Bao and Wan.The fourth part is mainly from the corporate governance level,the acquisition of the behavioral aspects of the twosides,and the analysis of some capital disputes.The fifth part addresses the issues embodied in the dispute over Bao Wan and puts forward some suggestions on the principles of supervision,corporate governance,acquisition behavior,and fund organization,hoping to regulate the hostile takeover and defense of China.The perfect contribution to their own meager power.